PSX reaches record high as index surpasses 119,000 points
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The Pakistan Stock Exchange (PSX) continued its bullish momentum on Thursday, achieving an all-time high as the KSE-100 Index crossing the 119,421.81-point mark during intra-day trading
The stock market is currently experiencing a positive movement, with the current index up by 689.71 points, reaching 118,663.73, reflecting a 0.58% increase during the day.
The market reached an all-time high of 119,421.81 points today, while the lowest point recorded so far was 118,525.00.
The trading volume stands at 268,125,313 shares, with a total value of Rs20,221,788,995. The market is still open, and the final performance will be determined once it closes.
This upward trend indicates a positive sentiment among investors, showing growing confidence in the market as the session continues.
Earlier on Wednesday, the Pakistan Stock Exchange (PSX) hit an all-time high, reaching nearly 118,000 points, as the market extended its winning streak, gaining over 950 points.
This surge was driven by robust local institutional buying and the potential resolution of the longstanding circular debt issue in the power sector.
Positive expectations surrounding the approval of the IMF's first review under the $7 billion Extended Fund Facility also boosted investor confidence.
The IMF's potential approval of the government's circular debt management plan and the clearing of outstanding dues for independent power producers (IPPs) eased concerns in the energy sector.
Key sectors, including cement, commercial banks, oil and gas, fertilisers, and power, saw strong buying, pushing the index to an intra-day high of 118,244.
The KSE-100 index closed at 117,974.03, up by 972.94 points (0.83%). Key contributors to the rise included Hub Power, Mari Petroleum, Engro Holdings, Systems Limited, and Pakistan Petroleum.
However, companies like Fauji Fertiliser Co, Engro Fertilisers, and Pakistan Oilfields slightly dragged the index down.
The trading volume increased to 544.2 million shares, with a total value of Rs32.3 billion. Notably, Pakistan International Bulk Terminal was the volume leader, followed by Pak Elektron and WorldCall Telecom. Foreign investors sold shares worth Rs963.9 million.
Analysts are optimistic, predicting continued bullish momentum, with expectations of further progress on the IMF review and the circular debt resolution.
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